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Investing.com - Macquarie has downgraded Bermaz Auto Bhd (KLSE:BAUTO) from Outperform to Neutral with a price target of MYR0.68, citing weak product launches and increasing competition from Chinese automakers.
The research firm noted that Mazda Malaysia sales in May-June were 55% lower compared to the same period last year, indicating significant weakness in the company’s core business.
Macquarie has substantially reduced its volume estimates for Bermaz Auto, cutting FY26-27E projections by 28-31% as the firm expects sales to "remain in the doldrums."
Despite the negative outlook on sales performance, Macquarie highlighted that the stock’s 7-8% dividend yields provide support for the Neutral rating.
The downgrade reflects Macquarie’s expectation that Bermaz Auto’s automotive sales will continue to be lacklustre amid the competitive pressures and weak product lineup.
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